Indian investor Sam Pitroda intends to create the “City of Knowledge” in Setúbal on the land where the “Nova Setúbal” project has already been planned, in Vale da Rosa. The project, signed by Norman Foster, implies an investment in the order of 800 million euros.
The signing of the protocol between the Setúbal City Council (CMS) and The Pitroda Group is scheduled for this Thursday, for the preparation of the strategic plan for the development of the ‘City of Knowledge’.
Promoted by The Pitroda Group LLC, owned by Indian investor Sam Pitroda, the 180 hectares for which the project is planned, should include “universities, hospital, housing, research area, technology areas, hotels, leisure areas, such as libraries and swimming pools ”, advances the Setúbal municipality.
Owned by the real estate fund Millenium Gestão de Activos, which stayed with the asset after the bankruptcy of BPN and where a mega-project called ‘Nova Setúbal’ was projected, which never got off the ground, as well as four other “smaller ”, Including Caixa Geral de Depósitos.
The agreement signed between CMS and Sam Pitroda aims to attribute to the entrepreneur “the obligation to pay the strategic plan, coordinate the attracting of investors and promote the project”. The municipality is responsible for approving the future detailed plan, “after the economic and financial viability is guaranteed” for the project, and “planning the execution of the general infrastructure” of the project.
Source: Construir.pt
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